3 invaluable financial planning india tips for your retirement!

If you actually reflect upon it, you will realize that retirement is just like a good night’s sleep. After all, we struggle and work hard throughout the day for the pleasure of enjoying a good meal and a restful sleep during the night time. Similarly, we work relentlessly for years at a stretch only so that we can spend a comfortable retirement life. And your retirement life should be full of pleasures, because you have spent your entire life working towards that dream of enjoying during the latter stages of your life.

It is pretty painful to see people working hard their entire lives, yet not getting their fair share of enjoyment once they retire. This might be due to the fact that they had invested in a fraudulent retirement planning company or surprisingly not invested in any such scheme at all! Here are three financial planning india tips that will help you to plan your retirement better –

Estimate!

Ascertaining an estimate is very important. You should be able to decide how much money will suffice each month after you have retired. To determine this, you can use a financial planning calculator available on the website of every leading financial advisory service. Make sure that you keep in mind the inflation rate every year.

Choose a plan!

Once you have determined how much money would suffice, you should start looking out for a suitable plan. These days, you will find tons of financial advisory services offering loads of different retirement schemes. You should choose the one that suits your financial sensibilities. In a bid to have more money in the future, don’t sacrifice your present lifestyle. Choose a scheme that allows you to invest only as much as you can afford at present.

Try doing a side job!

With the ever rising inflation hitting us all hard, financial planning in india has become difficult. It is tough to save anything at all at the end of the month. If you are finding it difficult to put money in your retirement schemes, our advisor suggests that you can try out various freelance jobs during the weekends and make some good money!

Find out why you are in urgent need of financial consultants Bengaluru!

It was not too long ago when one day my son came home, looking sad and reserved. I asked him what the matter was, and he replied that one of the acquaintances that he regularly played football tried to put him down by saying how he owns better football studs than my son, who used to play with ordinary ones. But according to our financial means, that was all we could afford to spend on football studs. Anything beyond that would disturb our monthly budget as we just lived from foot to mouth without saving any substantial amount of money.

Nothing had hit me as hard until that day. The look on my son’s face made me realize that I haven’t done enough for the family, and it is high time I do something to improve our wealth’s health. It was then that one of my close friends recommended a few financial consultants Bengaluru to me. I had personally seen my friend’s transformation from an ordinary middle class person with literally no money in the bank to an upper middle class person with substantial assets. I trusted his word and set up a few informal meetings with the financial consultants.

After a few meetings with different advisors, I finally chose a financial advisor Bengaluru that I thought understood my financial situation the best. Over a course of a couple of years, my position has transformed drastically. While some of you might find this a little clichéd, this blog isn’t intended to sound like a tele-shopping advertisement even though it might. My bank balance improved, I stopped defaulting on my credit card payments, I’ve secured my family with health and life insurance schemes, and have invested my money in a couple of fixed deposits and mutual funds.

At the very outset, the financial consultant Bengaluru understood my financial position, my job, monthly expenditure, and lifestyle. We sat down together and he drafted a few financial plans that we could follow. We followed one of them and today I’m a happier person. And you know the happiest part? My son owns the latest football studs manufactured by his favorite brand.   

4 strangest money saving tips shared by a top financial planner!

Both money making and money saving have always proved to be complex tasks! It is difficult to make money, and equally difficult to save some. That’s why we are always broke towards the end of the month. But if our financial planner is anything to go by, then you can save money in the strangest of manners! And our financial advisor also adds that while these tips might look strange at first, they are very effective in the long run. Let’s have a look at these unusual yet interesting tips!

·         Save those fast food restaurant condiments – Yes, those small pouches of ketchup, oregano, herbs, and chili flakes that you receive from fast food restaurants can help you to cut down 10s of dollars every month that you usually spend on buying these things.

·         Invest in a bank that doesn’t issue cards – There are loads of small credit unions which daily wage workers use in order to deposit their savings. You should open an account with one such credit union which neither offers credit/debit card facilities, nor has a facility for net banking. This will ensure that at least some part of money that you invest remains untouched!

·         Ask for special introductory offers on TV and internet: Today, one can find a new TV service provider or Internet service provider opening up every month or so. These people usually come up with introductory schemes to attract customers. You can literally grab offers that will help you to save up to 50% money as compared to what your spend on your existing plan. These plans last from 3 to 6 months on an average.

·         Use coupons: Though not a usual practice of financial companies in India, many financial advisors even advice their clients to visit websites that give food and entertainment coupons in order to save up to 90% money on these things. Such websites offer dining coupons and movie ticket offers.

The Name of Financial Planning Company might make a difference when you want to choose an advisory, but look out for someone who can offer such practical tips as the ones mentioned above! 

The incredible uses of a financial planning calculator!

There are a lot of questions that strike our mind from time to time. These questions can range from whether your home was actually a good investment to how much money you need to save every month in order to secure your child’s abroad education! The answer to such questions lies in effective financial planning – one that needs proper calculation before one starts investing! Financial planning calculator is a tool that can help you to perform complex financial calculations in a matter of a few minutes. The calculator is available on the website of all leading financial institutions.

Financial planning calculators are varied. You will find the right one for every purpose, and there might be hundreds of such purposes. For example, you might want to plan out your retirement in such a way that your savings offer you a steady income every month, or you might be looking out for a way to increase your net worth over a period of a specified time! You will find a planning calculator for every such task, thereby making it really easy for you to get all the details that you need.

If you want to know how to use such calculators properly, you can consult financial companies in india. They offer financial advisors who can help you to understand the meaning of every step in the calculator, thereby making it easier for you to use the same. The advisors will also see to it that you understand certain concepts that most people cannot grasp. For example, if the present fee of a certain engineering college is Rs. 3 lakhs and your child still has 10-12 years before he will be joining college, then you need to save money by taking into account the inflation rate.

If the rate of inflation is 10%, then the cost of admission at the same engineering college 10 years on will be at least Rs. 12 lakhs to 15 lakhs! So if you are planning to save, you should start saving every month keeping in mind the futuristic rate. Financial planning in India has become easier with these calculators.

What a financial planning calculator can reveal and much more explained!

Whenever we think about investing, we have a specific goal in mind. Our finances should be calculated so as to optimally meet those demands. This means that if you need money to fund your child’s trip next year, you can actually invest some spare money in a yearly fixed deposit and use the interest next year for the trip. However, if you were to invest that money in a 10 year bond that will give you returns once every 5 years, you won’t be able to fund the trip next year!

This is where a financial planning calculator helps. It helps you in determining how much amount on money can yield what kind of results. Obviously, when it comes to something such as buying shares or investing in a property, one can just estimate the returns looking at the market condition. However, you cannot calculate the exact results! Financial planningcompanies in india can offer you charts that have pre-calculated stats. The stats include the amount of time that you can invest for, and the rate of interest you will receive accordingly.

A financial calculator is important for other things apart from investments. It is a handy tool when you’ve to calculate your loan repayment! It will show you the amount of interest you have to pay at different rates of interest, for different tenures. And by varying even one of these variables, you can make significant changes to your repayment. Let’s see two of these in some more detail –

1.       Rate of interest: Rate of interest is the percentage of your loan amount that will go as fee for taking the loan. The rate of interest if varied by even a single percent can make a difference of lakhs of rupees every year! Try to get the lowest rates of interest.  

2.       Repayment tenure: Repayment tenure is the amount of time that you’ve taken the loan for. It usually depends upon how comfortable you are in repaying, and therefore you take the loan for that much amount of time. 

If you want more help, just Google My Financial Planner India!

3 selection criteria for financial advisors Gurgaon!

We get attracted really fast to all those things that offer us a shortcut for doing something; just like this blog! This blog will give you some simple yet effective tips to choose the best from your short list of financial advisors Gurgaon. It is also better to choose the right one so that you don’t end up with someone who will mess around with your hard earned money!

   1.     Why do you need one?

It is pretty interesting to note that financial advisors Gurgaon are not generalists; they are specialists! So while one financial advisor might guide you about investing in real estate, another one might guide you about retirement planning. You need to be sure about what you are expecting out of them. Yes, there are general advisors available too in case you need their advice on multiple investment schemes!

2.     Their qualification

Financial planning is a field wherein only skilled professionals can offer you good advice. Someone who is learned and has completed his CA, CFP, or CFA is more likely to offer you expert advice than someone who is not from this background. One more important reason to choose CFPs or CFAs is that they have to adhere to the code of conduct that they have sworn by. So inquire about the qualification of the financial advisor before you hire him/her.

3.     Look at the long term perspective!

If you are looking to hire a financial advisor gurgaon, have a long term perspective in mind. Do not inquire about immediate results because you simply cannot reap immediate benefits in any investments; be it fixed deposits or real estate. For actual hardcore benefits, you need to have patience and trust you advisor. Give him/her some time to manage your finances so that it reaps good benefits.

When you are on the lookout for financial planners noida, you should keep in mind that determining your own needs is what you should start with. No financial planner will be good enough if you are unclear regarding your demands! After that, you should start scouting for a suitable financial advisor.   

Hiring the best financial planners Delhi and avoiding the shady ones!

Hiring a financial planner requires time, conscious efforts, and patience. You should know what you exactly want out of your financial planner to start with. Do you want someone who can help you out with growing your business, or do you want someone who can assist you in investing in property? Once your object is clear, you will know which type of financial planners Delhi to look out for!

Here’s what you can do to find the best ones in the business –

·        Check their qualification

You should check the qualifications of the financial advisor. Make sure that he is a CFP (Certified Financial Planner) and has cleared the tough exams held by the financial planning standards board of India.

·        Experience

There’s no doubt about the fact that an experienced financial planner can bring more financial planning ideas to the table than an inexperienced one. While the inexperienced one might be brimming with newer techniques, he will not have the skills that are acquired over years of practically working in the industry.

·        Refer to their old clients

If you can, you should always check with the existing and old clients of the financial advisors pune. They will be the best ones to honestly let you know whether the financial planner was any good at his work.

Here are some tips to avoid the shady ones!

·        Check their social media profiles

These ways, we have the convenience of doing a quick Google search in order to find out about a person. Their LinkedIN, Facebook, and Twitter accounts can help you in knowing what kind of thoughts they have, whether they have been recommended by seniors in the industry, and what kind of lifestyle they lead! Obviously, you wouldn’t want to go for someone who prefers drinking daily and turns up to work late!

·        Ask them the ultimate question!

While the ultimate question is often the one pertaining to marriage, in the field of financial planning, the ultimate question is ‘Do you have a fiduciary duty on me?’ Hire financial planners Mumbai only if they answer ‘YES’.